Verastem Oncology to Present Data on Two Lead Drug Candidates at ASCO
2018 Annual Meeting

Results from the DUO™ crossover study with duvelisib demonstrate
superior ORR and PFS compared to prior ofatumumab treatment and
consistent with ORR in patients who were initially treated with
duvelisib in the DUO™ Study

Promising initial clinical activity of defactinib, an oral FAK
inhibitor, in combination with pembrolizumab and gemcitabine in patients
with pancreatic cancer whose disease progressed on one or more prior
lines of chemotherapy

May 16, 2018 05:09 PM Eastern Daylight Time

BOSTON--(EON: Enhanced Online News)--Verastem, Inc. (Nasdaq: VSTM) (Verastem Oncology or the Company), a
biopharmaceutical company focused on developing and commercializing
medicines to improve the survival and quality of life of cancer
patients, today announced that five abstracts have been selected for
poster presentations at the 54th Annual Meeting of the
American Society of Clinical Oncology (ASCO) being held June 1-5, 2018
in Chicago.

The Company will present data on its lead product candidate, duvelisib,
a first-in-class oral dual inhibitor of phosphoinositide 3-kinase
(PI3K)-delta and PI3K-gamma, as well as defactinib, its oral small
molecule inhibitor of Focal Adhesion Kinase (FAK). The poster
presentations will highlight the latest findings from the Company’s
ongoing clinical trials for duvelisib, the Phase 3 DUO study crossover
extension in patients with relapsed or refractory chronic lymphocytic
leukemia/small lymphocytic lymphoma (CLL/SLL), in addition to a Phase 1
study of defactinib in combination with pembrolizumab and gemcitabine in
patients with relapsed/refractory pancreatic cancer.

A poster will also be presented on PRIMO, a Phase II study that Verastem
Oncology has initiated to evaluate duvelisib monotherapy in peripheral
T-cell lymphoma (PTCL), one of the most aggressive forms of non-Hodgkin
lymphoma (NHL). The U.S. Food and Drug Administration (FDA) has granted
fast track designation to the investigation of duvelisib for the
potential treatment of patients with peripheral T-cell lymphoma (PTCL)
who have received at least one prior therapy. This study was initiated
based on promising activity observed with duvelisib monotherapy in
T-cell lymphomas in the Phase I study. In addition, posters on biomarker
measurements in the DUOTM and DYNAMOTM studies, as
well as in a treatment naive follicular lymphoma study, will be
presented.

“In the crossover extension trial of the Phase 3 DUO study, patients
treated with duvelisib following confirmed disease progression on prior
ofatumumab therapy exhibited a 73% overall response rate (ORR), compared
to a 28% ORR with ofatumumab in the DUO study. These results were
consistent with the ORR of patients originally initiated on duvelisib.
This response rate was accompanied by a longer median progression-free
survival (mPFS), with duvelisib-treated patients achieving 15-month
mPFS, compared to 9 months when they were treated with ofatumumab,” said
Diep Le, MD, PhD, Chief Medical Officer of Verastem Oncology.

Dr. Le added, “For our lead FAK inhibitor defactinib, Dr. Andrea
Wang-Gillam will describe initial results from the ongoing Phase 1 study
evaluating defactinib in combination with pembrolizumab and gemcitabine
in patients with advanced pancreatic cancer. In addition to defining a
recommended Phase 2 dose, the combination regimen has been well
tolerated with promising signs of clinical activity, including one
confirmed partial response in a pancreatic cancer patient and stable
disease in additional pancreatic patients.”

“Data presented at this year’s ASCO meeting by Verastem Oncology and
collaborative researchers also directly demonstrate inhibition of both
PI3K-delta and PI3K-gamma in patients treated with duvelisib,” said
Jonathan Pachter, PhD, Chief Scientific Officer of Verastem Oncology.
“Accordingly, biomarker changes observed in duvelisib-treated patients
indicate targeting of malignant B-cells directly along with targeting of
the supportive tumor microenvironment.”

Duvelisib is a first-in-class investigational oral, dual inhibitor of
phosphoinositide 3-kinase (PI3K)-delta and PI3K-gamma, two enzymes known
to help support the growth and survival of malignant B-cells and
T-cells. PI3K signaling may lead to the proliferation of malignant B-
and T-cells and is thought to play a role in the formation and
maintenance of the supportive tumor microenvironment.1,2,3
Duvelisib was evaluated in late- and mid-stage extension trials,
including DUO™, a randomized, Phase 3 monotherapy study in patients with
relapsed or refractory chronic lymphocytic leukemia/small lymphocytic
lymphoma (CLL/SLL),4 and DYNAMO™, a single-arm, Phase 2
monotherapy study in patients with refractory indolent non-Hodgkin
lymphoma (iNHL).5 Both DUO and DYNAMO achieved their primary
endpoints. Verastem Oncology’s New Drug Application (NDA) requesting the
full approval of duvelisib for the treatment of patients with relapsed
or refractory CLL/SLL, and accelerated approval for the treatment of
patients with relapsed or refractory follicular lymphoma (FL) was
accepted for filing by the U.S. Food and Drug Administration (FDA),
granted Priority Review and assigned a target action date of October 5,
2018. Duvelisib is also being developed by Verastem Oncology for the
treatment of peripheral T-cell lymphoma (PTCL), and is being
investigated in combination with other agents through
investigator-sponsored studies.6 Information about duvelisib
clinical trials can be found on www.clinicaltrials.gov.

About Defactinib

Defactinib is an investigational inhibitor of focal adhesion kinase
(FAK), a non-receptor tyrosine kinase that mediates oncogenic signaling
in response to cellular adhesion and growth factors.7 Based
on the multi-faceted roles of FAK, defactinib is used to treat cancer
through modulation of the tumor microenvironment and enhancement of
anti-tumor immunity.8,9 Defactinib is currently being
evaluated in three separate clinical collaborations in combination with
immunotherapeutic agents for the treatment of several different cancer
types including pancreatic cancer, ovarian cancer, non-small cell lung
cancer (NSCLC), and mesothelioma. These studies are combination clinical
trials with pembrolizumab and avelumab from Merck & Co. and Pfizer/Merck
KGaA, respectively.10,11,12 Information about these and
additional clinical trials evaluating the safety and efficacy of
defactinib can be found on www.clinicaltrials.gov.

About Verastem Oncology

Verastem, Inc. (Nasdaq:VSTM), operating as Verastem Oncology, is a
biopharmaceutical company focused on developing and commercializing
drugs to improve the survival and quality of life of cancer patients.
Verastem Oncology is currently developing duvelisib, a dual inhibitor of
PI3K-delta and PI3K-gamma, which has successfully met its primary
endpoint in a Phase 2 study in indolent Non-Hodgkin Lymphoma (iNHL) and
a Phase 3 clinical trial in patients with chronic lymphocytic
leukemia/small lymphocytic lymphoma (CLL/SLL). Verastem Oncology’s New
Drug Application (NDA) requesting the full approval of duvelisib for the
treatment of patients with relapsed or refractory CLL/SLL, and
accelerated approval for the treatment of patients with relapsed or
refractory follicular lymphoma (FL) was accepted for filing by the U.S.
Food and Drug Administration (FDA), granted Priority Review and assigned
a target action date of October 5, 2018. In addition, Verastem Oncology
is developing the FAK inhibitor defactinib, which is currently being
evaluated in three separate clinical collaborations in combination with
immunotherapeutic agents for the treatment of several different cancer
types, including pancreatic cancer, ovarian cancer, non-small-cell lung
cancer (NSCLC), and mesothelioma. Verastem Oncology’s product candidates
seek to treat cancer by modulating the local tumor microenvironment and
enhancing anti-tumor immunity. For more information, please visit www.verastem.com.

Forward-looking statements notice:

This press release includes forward-looking statements about Verastem
Oncology’s strategy, future plans and prospects, including statements
regarding the development and activity of Verastem Oncology’s
investigational product candidates, including duvelisib and defactinib,
and Verastem Oncology’s PI3K and FAK programs generally, the structure
of our planned and pending clinical trials, Verastem Oncology’s
financial guidance and the timeline and indications for clinical
development and regulatory submissions. The words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan," "predict,"
"project," "target," "potential," "will," "would," "could," "should,"
"continue," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements
contain these identifying words. Each forward-looking statement is
subject to risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in such statement.
Applicable risks and uncertainties include the risks that approval of
Verastem Oncology’s New Drug Application for duvelisib will not occur on
the expected timeframe or at all, including by the U.S. Food and Drug
Administration’s target action date; that a filing of a European
Marketing Application may not be achieved in fiscal year 2019 or at all;
that even if data from clinical trials is positive, regulatory
authorities may require additional studies for approval or may approve
for indications or patient populations that are not as broad as intended
and the product may not prove to be safe and effective or may require
labeling with use or distribution restrictions; that the preclinical
testing of Verastem Oncology’s product candidates and preliminary or
interim data from clinical trials may not be predictive of the results
or success of ongoing or later clinical trials; that the full data from
the DUO study will not be consistent with the previously presented
results of the study; that data may not be available when expected,
including for the Phase 3 DUO study; that the degree of market
acceptance of product candidates, if approved, may be lower than
expected; that the timing, scope and rate of reimbursement for our
product candidates is uncertain; that there may be competitive
developments affecting our product candidates; that data may not be
available when expected; that enrollment of clinical trials may take
longer than expected; that our product candidates will cause unexpected
safety events or result in an unmanageable safety profile as compared to
their level of efficacy; that duvelisib will be ineffective at treating
patients with lymphoid malignancies; that Verastem Oncology will be
unable to successfully initiate or complete the clinical development and
eventual commercialization of its product candidates; that the
development and commercialization of Verastem Oncology’s product
candidates will take longer or cost more than planned; that Verastem
Oncology may not have sufficient cash to fund its contemplated
operations; that Verastem Oncology or Infinity Pharmaceuticals, Inc.
will fail to fully perform under the duvelisib license agreement; that
Verastem Oncology may be unable to make additional draws under its debt
facility or obtain adequate financing in the future through product
licensing, co-promotional arrangements, public or private equity, debt
financing or otherwise; that Verastem Oncology will not pursue or submit
regulatory filings for its product candidates, including for duvelisib
in patients with CLL/SLL or iNHL; and that Verastem Oncology’s product
candidates will not receive regulatory approval, become commercially
successful products, or result in new treatment options being offered to
patients. Other risks and uncertainties include those identified under
the heading "Risk Factors" in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2017 as filed with the Securities and
Exchange Commission (SEC) on March 13, 2018 and in any subsequent
filings with the SEC. The forward-looking statements contained in this
press release reflect Verastem Oncology’s views as of the date hereof,
and the Company does not assume and specifically disclaims any
obligation to update any forward-looking statements whether as a result
of new information, future events or otherwise, except as required by
law.

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